Lufax Moving P2P Lending Portfolio to the Blockchain

Speaking at an event in Hong Kong, the CEO of Lufax, Greg Gibb, said that his company is going to be moving its entire peer to peer lending portfolio, worth tens of billions of dollars, to the blockchain. Lufax is one of the leading fintech companies in China and a pioneer in peer to peer lending. Gibb said, “The problem for the P2P lending sector, not just in China but also globally, is that it is not transparent. So if we could put all the contract terms between a borrower and lender on the blockchain ledger, then these [become] unalterable.” Source.